Iranian oil exports have increased by 40% in comparison with the last quarter under the last administration, Iranian President Ebrahim Raisi announced Thursday.

From Bandar Abbas port in the capital of Hormozgan, Raisi asserted that Iran was pursuing a double-track policy to circumvent the US sanctions imposed on the Islamic Republic as Tehran seeks the complete removal of these sanctions.

"Our oil exports have risen by such an amount that we are not worried," Raisi said, adding that oil revenues had started making it back into the Islamic Republic.

The president praised the security situation in the Iranian port city, attributing the solidification of investment and attraction of investors to that, which he said serves the development projects for the city.

Hormozgan enjoys valuable energy resources in various fields, namely tourism, commerce, and agriculture, which would move several structured product wheels, such as industry and mining.

According to Raisi, this would also help address unemployment and hardship in the province.